In September, the madness that drove the NFT sector subsided, but there was a wave of new energy as the level 2 sector warmed up after the successful launch of Ethereum (ETH) scaling solutions such as Arbitrum and Optimism.
Another project that has benefited from the sector’s transition to Level 1 and Level 2 alternatives is OMG Network (OMG), a non-storage layer 2 protocol that uses an optimistic scaling solution to improve Ethereum’s scalability.
Data from Cointelegraph Markets Pro and TradingView show that after reaching a low of $ 8.42 on July 20, the OMG price rose 380% to a daily high of $ 13.52, 24 hours a day.
One-day OMG / USDT chart. Source: TradingView
Before the market crash that began in early May, OMG did well thanks to the listing on Coinbase. The main development of the protocol took place in early June when the project was renamed from OmiseGO to OMG Foundation as part of the focus on Layer 2 solutions.
Enya supports and Boba Network represents OMG
Much of the rebranding underlined the network’s partnership with Enya, the company that creates decentralized infrastructure solutions and is the creator of the Boba network.
According to the project’s website, Boba Network is an Ethereum-optimized scaling solution that aims to lower gas taxes, increase transaction volumes and strengthen smart contracts.
When Enya built the Boba network as a major shareholder in the OMG Foundation, the OMG token used its link to launch a new Tier 2 solution.
Bupa Network, renamed OMGX, was launched on 19 August and is closely following OMG’s price increases.
VORTECS ™ data from Cointelegraph Markets Pro began to define the optimistic outlook for OMG on August 16, ahead of the recent price increase.
VORTECS ™ is exclusive to Cointelegraph, an algorithmic comparison of historical and current market conditions derived from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS score (green) against OMG price. Source: Cointelegraph Markets Pro
As shown in the chart above, the OMG VORTECS begynte result began to accumulate on August 16 and rose to 75 on August 25, approximately 24 hours before the price begins to rise 100% over the next three weeks.